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The Chicago Plan And New Deal Banking Reform

Author: Ronnie J. Phillips
Publisher: Routledge
ISBN: 1315286637
Size: 21.75 MB
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This work presents a comprehensive history and evaluation of the role of the 100 percent reserve plan in the banking legislation of the New Deal reform era from its inception in 1933 to its re-emergence in the current financial reform debate in the US.

The Chicago Plan Revisited

Author: Mr. Michael Kumhof
Publisher: Andrews McMeel Publishing
ISBN: 1475562209
Size: 45.91 MB
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At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.

Monetary Economies Of Production

Author: Louis-Philippe Rochon
Publisher: Edward Elgar Publishing
ISBN: 1781003955
Size: 28.93 MB
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With its central focus on money and its link with the production sphere, this book explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the productive apparatus

Stability In The Financial System

Author: Dimitris Papadimitriou
Publisher: Springer
ISBN: 1349247677
Size: 11.66 MB
Format: PDF
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The S&L crisis of the 1990s has given many a reason to review the events which led to a (in many ways) similar banking crisis sixty years ago, and the subsequent legislation of the Emergency Banking Act, the Banking Act of 1933, the Banking Act of 1935, and other related legislation. The reconstituted financial structure produced the longest period of financial stability in the US history, lasting one-half of a century. The book has two goals: provide an understanding of the reasons the banking reforms enacted in the 1930s were so successful; and present a set of policy proposals which offer the institutional provisions for both the financing of the capital development of the economy, and a safe payments system.

The Banking Crisis Of 1933

Author: Susan Estabrook Kennedy
Publisher: University Press of Kentucky
ISBN: 0813163307
Size: 43.88 MB
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On March 6, 1933, Franklin D. Roosevelt, less than forty-eight hours after becoming president, ordered the suspension of all banking facilities in the United States. How the nation had reached such a desperate situation and how it responded to the banking "holiday" are examined in this book, the first full-length study of the crisis. Although the 1920s had witnessed a wave of bank failures, the situation worsened after the 1929 stock market crash, and by the winter of 1932-1933, complete banking collapse threatened much of the nation. President Hoover's stopgap measures proved totally inadequate, the author shows, and by March 4, the day of Roosevelt's inauguration, thirty-four states had declared banking moratoriums. Of special interest in this study is Ms. Kennedy's examination of relations between Herbert Hoover and Franklin D. Roosevelt.

Why Government Fails So Often

Author: Peter H. Schuck
Publisher: Princeton University Press
ISBN: 1400850045
Size: 62.16 MB
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From healthcare to workplace and campus conduct, the federal government is taking on ever more responsibility for managing our lives. At the same time, Americans have never been more disaffected with Washington, seeing it as an intrusive, incompetent, wasteful giant. Ineffective policies are caused by deep structural factors regardless of which party is in charge, bringing our government into ever-worsening disrepute. Understanding why government fails so often—and how it might become more effective—is a vital responsibility of citizenship. In this book, lawyer and political scientist Peter Schuck provides a wide range of examples and an enormous body of evidence to explain why so many domestic policies go awry—and how to right the foundering ship of state. An urgent call for reform, Why Government Fails So Often is essential reading for anyone curious about why government is in such a disgraceful state and how it can do better.

The Volatility Machine

Author: Michael Pettis
Publisher: Oxford University Press
ISBN: 9780195349481
Size: 34.15 MB
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This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. Pettis combines the insights of economic history, economic theory, and finance theory into a comprehensive model for understanding sovereign liability management and the causes of financial crises. He examines recent financial crises in emerging market countries along with the history of international lending since the 1820s to argue that the process of international lending is driven primarily by external events and not by local politics and/or economic policies. He draws out the corporate finance implications of this approach to argue that most of the current analyses of the recent financial crises suffered by Latin America, Asia, and Russia have largely missed the point. He then develops a sovereign finance model, analogous to corporate finance, to understand the capital structure needs of emerging market countries. Using this model, he finally puts into perspective the recent crises, a new sovereign liability management theory, the implications of the model for sovereign debt restructurings, and the new financial architecture. Bridging the gap between finance specialists and traders, on the one hand, and economists and policy-makers on the other, The Volatility Machine is critical reading for anyone interested in where the international economy is going over the next several years.

Fdr S Folly

Author: Jim Powell
Publisher: Crown
ISBN: 9780307420718
Size: 41.67 MB
Format: PDF
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The Great Depression and the New Deal. For generations, the collective American consciousness has believed that the former ruined the country and the latter saved it. Endless praise has been heaped upon President Franklin Delano Roosevelt for masterfully reining in the Depression’s destructive effects and propping up the country on his New Deal platform. In fact, FDR has achieved mythical status in American history and is considered to be, along with Washington, Jefferson, and Lincoln, one of the greatest presidents of all time. But would the Great Depression have been so catastrophic had the New Deal never been implemented? In FDR’s Folly, historian Jim Powell argues that it was in fact the New Deal itself, with its shortsighted programs, that deepened the Great Depression, swelled the federal government, and prevented the country from turning around quickly. You’ll discover in alarming detail how FDR’s federal programs hurt America more than helped it, with effects we still feel today, including: • How Social Security actually increased unemployment • How higher taxes undermined good businesses • How new labor laws threw people out of work • And much more This groundbreaking book pulls back the shroud of awe and the cloak of time enveloping FDR to prove convincingly how flawed his economic policies actually were, despite his good intentions and the astounding intellect of his circle of advisers. In today’s turbulent domestic and global environment, eerily similar to that of the 1930s, it’s more important than ever before to uncover and understand the truth of our history, lest we be doomed to repeat it.